Wayward Brewing Co. and Local Drinks Collective enter voluntary administration to facilitate financial restructuring Wayward Brewing Company Pty Ltd (Wayward) and Local Drinks Collective Pty Ltd (LDC), have announced their decision to appoint an administrator to help facilitate a financial restructuring of the business. Wayward operates a craft brewery and taproom in Camperdown, in the…
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday set aside insolvency proceedings against Asian Hotels (West), which operates Hyatt Regency, Mumbai. The appellate insolvency tribunal has also accepted the proposal submitted by former promoters and directors of the company under Section 12A of the Insolvency & Bankruptcy Code. NCLAT said the decision…
There will be close to 1,000 corporate insolvencies this year after finalised figures for 2023 came in higher than expected at 717, according to the latest insolvency barometer from professional services company PwC Ireland. The accountancy giant said there had been an uptick in business failures in the fourth quarter of 2023 and that having…
Nalsar University of Law. Hyderabad: The Institute of Company Secretaries of India (ICSI) and Nalsar University of Law co-hosted the first edition of Corpcon-2024 at Nalsars Shamirpet campus, which ended on Sunday. The three-day workshop on developments and trends in corporate laws and governance provided a platform for knowledge exchange and collaboration focusing on corporate…
WION Video Team | Updated: Jan 07, 2024, 11:00 AM IST The ongoing property crisis in China has taken down another company. This time, it is wealth management firm Zhongzhi, which filed for bankruptcy liquidation. Zhongzhi applied for bankruptcy arguing it could not repay its debts due to insufficient assets. Read the full article at: https://www.wionews.com/videos/china-debt-crisis-wealth-manager-zhongzhi-files-for-bankruptcy-liquidation-677370
Chinas embattled investment conglomerate Zhongzhi Enterprise Group Co. Ltd. has filed for bankruptcy liquidation, shortly after it disclosed a financial shortfall of up to $36.5 billion. A court in Beijing said Friday it has accepted Zhongzhis application for bankruptcy liquidation, in which the company stated that its assets are insufficient to cover all liabilities and…
Sydney-based Wayward Brewing Co. and its co-owned distribution business Local Drinks Collective have entered into voluntary administration, seeking financial restructuring to cope with adverse economic conditions facing the craft beer industry. Local Drinks Collective is jointly operated with Batch Brewing Co, although Batch is not involved in the administration process. DBA Reconstruction & Advisory has…
In the wake of the pandemic, many businesses have faced unprecedented challenges. The U.S. Bureau of Labor Statistics revealed that 56% of establishments experienced decreased demand, while 19% had to close due to government mandates. These daunting statistics reflect a harsh reality where entrepreneurs have had to make the difficult decision to liquidate their businesses.…
Credit: Nagahisa_Design – stock.adobe.com PwC has warned that nearly 30,000 businesses across the UK are set to fail next year, marking the highest corporate insolvency levels since 2004. The Big Four firm predicts a 15% surge in insolvencies over the next 12 months, with small businesses, particularly in catering and hotels, facing the greatest risk.…
The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process (CIRP) proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Further, Regulation 29 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), which provides for mutual dealing and set off,…